Wikileaks, the controversial website that publishes confidential and classified documents about corporations, celebrities, and even governments, has recently stated that it plans to release thousands of confidential documents on one of the largest U.S. banks. While no one is sure which bank will be the target, the speculation is that it is Bank of America. According to Wikileaks founder Julian Assange, the site acquired over 5 GB worth of data from a Bank of America executive’s hard drive. Mr. Assange has stated that these documents will show a pervasive culture of corruption and will prompt investigations and reforms.
Wikileaks is a real mixed bag. On the one hand, their recent disclosure of classified documents from the U.S. Department of State posed a genuine threat to our nation’s diplomatic relations. Many would describe this as outright treason. However, on the other hand, they are also exposing deeply concealed fraud and corruption at some of the highest corporate levels. That is definitely a more commendable activity.
Regardless of how you feel about Wikileaks morally, this upcoming release of bank documents is definitely a story worth following. Bank of America is one of the big 4 banks in the United States (along with Citi, Wells Fargo, and JP Morgan Chase). If the documents are as explosive as advertised and do indeed lead to banking reform–which would likely include mortgage lending reform–the impact could be drastic. Stay tuned to theforeclosurelawblog.com for developments on this story.